Six issuers sell $2.06 billion; Chesapeake in focus; Clear Channel, Levi Strauss trade up

By Paul A. Harris and Abigail W. Adams

Portland, Ore., Feb. 3 – Amid a heavy news flow in the Wednesday new issue market, six issuers each priced single dollar-denominated tranches of junk to raise a combined total of $2.06 billion.

Meanwhile, the secondary space remained firm on Wednesday with earnings reports continuing to come in better than expected, sources said.

Following the flurry of primary market activity on Tuesday, new paper was in focus with the majority of recent deals performing well.

Chesapeake Energy Corp.’s two tranches of senior notes (B1/BB-) were in the spotlight with the notes making large gains in the aftermarket.

Clear Channel Outdoor Holdings, Inc.’s 7¾% senior notes due 2028 (Caa2/CCC) and Levi Strauss & Co.’s 3½% senior notes due 2031 (Ba2/BB+) were also trading with large premiums in the aftermarket.

However, Rackspace Technology Global Inc.’s 3½% senior secured notes due 2028 (B1/B+) were the outliers in terms of performance with the notes wrapped around their issue price.

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